New York, April 19, 2023 (GLOBE NEWSWIRE) -- The pulse oximeter market size is projected to surpass around USD 4,396 million by 2032 from USD 2,584 Mn in 2022, and it is poised to reach a CAGR of 5.60% from 2023 to 2032. A pulse oximeter is a device that necessarily monitors the oxygen saturation of a patient's blood. It can be a small, non-invasive electronic device; it can be attached to the body parts such as the ear, nose, finger, and Toe. It sends wavelengths of light throughout any body parts and observes pulse rate and oxygen saturation. Healthcare authorities frequently use them in critical care settings such as hospitals and emergency rooms. There are several oximeters available in the market.
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Key Takeaway:
- By Product Type in 2022, the hand-held segment has generated a revenue share of 38.9% in 2022.
- By Technology, in 2022, the conventional segment dominates the highest market share during the forecast period.
- By Age Group, in 2022, the pediatrics segment accounted for the largest share of the pulse oximeter market.
- By End-user, the hospitals & clinics segment has dominated the largest revenue share of 80% and It is growing at the highest CAGR over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 45%.
- Europe held second - the largest revenue shares in 2022.
- Asia-Pacific will grow at the highest CAGR from 2023-2032.
The device can be used to monitor individuals suffering from various respiratory diseases. The market growth is attributed to the rising prevalence of respiratory disorders. Availability of novel products and high unmet needs in developed and emerging economies are anticipated to boost the market growth.
Factors affecting the growth of the pulse oximeter market
There are several factors that can affect the growth of the pulse oximeter market. Some of these factors include:
- Increasing respiratory issues: The requirement for pulse oximeters improved during the pandemic and continues to increase in chronic diseases. Owing to the geriatric population and child aid worldwide.
- Introduction of advanced oximeters: Factors such as the accessibility of novel developed fingertip pulse oximeters capable of measuring perfusion rate, pulse rate & respiration rate for detecting oxygen levels are also projected to boost the market.
- A increase in diagnostic and examination treatments: Throughout the Diagnostic process and the examination treatment of patients, the information that devices provide that is clinically beneficial related to the present state of health. This information is very important when determining whether a patient must be maintained on the ventilator.
- Monitoring while exercising: Various physicians use a pulse oximeter to determine whether it is safe for patients with respiratory or cardiovascular conditions to exercise.
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Top Trends in Global Pulse Oximeter Market
The companies operating in the market constantly focus on the strategies such as expansions, acquisitions, and mergers. These strategies help the companies grow their revenue, thereby raising overall market growth. However, many market players are developing novel products to treat several chronic respiratory diseases, which are anticipated to boost market growth in the upcoming years.
Market Growth
As a result of the growth in the number of patients suffering from respiratory diseases such as Asthma, pneumonia, and COPD globally, there is a growing demand for pulse oximeters in the upcoming years. The considered amount shown on the screen of the pulse oximeter reflects the saturation of RBC with oxygen. The oxygen level may also help determine whether the patient demand for supplemental oxygen. Technological developments are resulting in the introduction of novel products, providing the pulse oximeter business with tremendous potential opportunities.
Regional Analysis
North America dominated the market with a leading revenue share of 45%. It is expected that the region's market expansion will be aided by the growing use of oximeters in home healthcare and the rapid adoption of wireless pulse oximeters. In addition, it is anticipated that a strong presence of market players in the region, a rising number of patients with chronic respiratory conditions, and an increase in hospital admissions and ASCs, and these factors will drive market expansion throughout the region.
Europe, which presently holds the second-largest market share, is anticipated to expand at a moderate CAGR over the forecast period. The requirement that hospitals screen newborns using oximetry and the rising incidence of newborns are the two factors that are responsible for the expansion. In addition, the increased number of hospitals in Europe as a result of improvements in healthcare infrastructure ultimately drives demand for new products.
During the forecast period, the Asia-Pacific region is anticipated to expand at the highest CAGR. The strong focus on improving hospital infrastructure, rising awareness of the diagnosis of chronic respiratory disorders, and rising COVID-19 cases are to blame for the market expansion across Asia-Pacific.
Competitive Landscape
The competitive advantages of the market have also been considered in this report. Some of the major key players include GE Healthcare, Philips Healthcare, CAS Medical Systems, Inc., Opto Circuits Ltd., Medtronic plc, Masimo Corporation, Nonin Medical, Inc., CareFusion Corporation, Meditech Equipment Co, Ltd.Nihon Kohden Corporation.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 2,584 Mn |
| Market Size (2032) | USD 4,396 Mn |
| CAGR (from 2022 to 2032) | 5.6% |
| North America Revenue Share | 45% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
In the Present years, chronic respiratory diseases, such as chronic obstructive pulmonary syndrome, Asthma, cystic fibrosis, occupational lung diseases, and sleep apnea, have stood as the primary causes of death worldwide. Moreover, high and middle-income countries are vastly exaggerated by congenital heart diseases and COPD. Oxygen saturation supply is a significant parameter in COPD and chronic respiratory diseases. The oximeter measures oxygen saturation, or the proportion of hemoglobin saturated with oxygen in arterial blood, to diagnose COPD. The increasing dominance of COPD and other respiratory disease in newborns and the geriatric population has a rising requirement for several novel products. Such a prominent dominance of respiratory disease-demanding calculating devices is anticipated to boost the market growth in the upcoming years.
Market Restraints
Even though the rising adoption of pulse measuring device worldwide, the incorrectness related to the product are anticipated to limit the market growth in the upcoming years. There are various factors that affect the correctness of oximeters, such as skin temperature, dark skin pigmentation, skin thickness, and poor circulation. They have a wider mistake proportion in patients with dark skin pigment. Many studies have revealed that the device results in incorrect studies among patients.
Market Opportunities
Developing economies are anticipated to provide major growth opportunities to medical device players working in the pulse oximeter market. Government expands its investments in healthcare renovation and value-based systems. Developing countries are also becoming developed manufacturing centers for healthcare products such as medical devices and generic pharmaceuticals. In the past few years, medical device manufacturing has recognized considerable growth.
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Report Segmentation of the Pulse Oximeters Market
Product Type Insight
The market is mainly determined by the fact that the oximeters are easy to use in situations of emergencies. The hand-held segment dominated the pulse oximeter market, which also held the greatest revenue share. The oxygen saturation level of a patient can strongly impact the course of treatment. An increase in the number of stroke cases and surgeries is expected to drive market growth. Technological advancements in oximeters are anticipated to boost the segment. Additional features such as an alarm system, extensive data, easy transmission of data, and Bluetooth raise the efficacy of products.
Technology Insight
The conventional section registers the highest market share and is anticipated to enlarge at a considerable CAGR throughout the forecast period. The rise in the acceptance of wired measuring devices and the increasing requirement for continuous patient monitoring is anticipated to contribute to the growth of the conventional segment. Moreover, the growth in the dominance of several respiratory diseases requiring continuous monitoring of patients in clinics and hospitals boosts segment growth.
Age Group Insight
On the basis of age group, the pulse oximeter market is divided into an adult and pediatric The pediatric segment dominates the market share growth. The growth of the pediatrics segment is recognized to the rising prevalence of the COVID-19 pandemic amongst the pediatric population. Moreover, the increasing dominance of Asthma in children is anticipated to rise in acceptance of products throughout the forecast period.
End-User Insight
The Hospitals & Clinics segment has dominated the pulse oximeter market and held the highest market share in 2022. The increasing amount of patients in hospitals combined with the rise in footfall of patients in hospitals to treat the COVID-19 pandemic and Asthma are anticipated to boost the requirement for the device in the estimated years. The segmental growth is attributed to the rising number of hospital admissions demanding continuous patient monitoring systems.
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Market Segmentation
By Product Type
- Fingertip Pulse Oximeter
- Hand-Held Pulse Oximeter
- Wrist-Worn Pulse Oximeter
- Table-Top /Beside Pulse Oximeter
- Pediatric Pulse Oximeter
By Technology
- Conventional
- Connected
By Age Group
- Adult
- Pediatric
By End-User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Homecare Settings
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Medtronic plc
- GE Healthcare Technologies Inc.
- Philips Healthcare
- Masimo Corporation
- CAS Medical Systems, Inc.
- Opto Circuits Ltd.
- Nonin Medical, Inc.
- CareFusion Corporation
- Welch Allyn, Inc.
- Spacelabs Healthcare
- Meditech Equipment Co, Ltd.
- Nihon Kohden Corporation
- Other Key Players
Recent Development of the Pulse Oximeter Market
- In December 2021, The introduction of Telli Health's first FDA-approved and certified 4G cellular-related SpO2 oximeter in the United States was made public. During the pandemic, this oximeter and its distant patient handling devices benefit in the tracking of COVID-19 patients.
- In August 2021, Nihon Seimitsu Sokki Co. Ltd. expanded its creation limit of heartbeat oximeters to 1.5 times the level observed toward the finish of 2020. The purpose of this expansion of production capacity is to assist COVID-19 patients recovering at home.
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